ANNUAL SHAREHOLDER REPORT
American Funds Insurance Series
Portfolio Series
®
-Portfolio Series
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Global Growth PortfolioWhat were the fund costs for the last year?
(based on a hypothetical $10,000 investment)Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 4 | $ | % |
Management's discussion of fund performance
The fund’s Class 4 shares gained 21.55% for the year ended December 31, 2025. That result compares with a 22.34% gain for the MSCI ACWI (All Country World Index). For information on returns for additional periods, including the fund lifetime, please refer to .
capitalgroup.com/AFIS-returns-4
What factors influenced results
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from expected accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.
The portfolio’s overweight allocation to overseas equities contributed to returns for the period, with financials, information technology and industrials being particularly additive. Domestic equities also positively contributed to portfolio returns with information technology, communication services and industrials being major contributors.
The fund’s overseas holdings in health care contributed negatively to results, while U.S. equities holdings saw negative contributions from financials and energy.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
1 year | 5 years | 10 years | |
4 * | % | % | % |
Index) † | % | % | % |
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.Key fund statistics
| Fund net assets (in millions) | $ |
| Total number of portfolio holdings | |
| Total advisory fees paid (in millions) | |
| Portfolio turnover rate | % |
Portfolio holdings by fund type
(percent of net assets)| Growth funds | % | |
| Growth-and-income funds | ||
| Other assets less liabilities | ( | ) |
| Total | % |
Changes in and disagreements with accountants
On December 10, 2025 , PricewaterhouseCoopers LLP (“PwC”) was dismissed and Deloitte & Touche LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, fin
ancial
statement disclosure or auditing scope or procedure.Availability of additional information
Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at .
capitalgroup.com/AFIS-literature-4
Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.Lit. No. INA4ARX-104-0226 © 2026 Capital Group. All rights reserved.
